"We remain secular bulls on gold," says Bank of America-Merrill Lynch technical analyst Stephen Suttmeier, looking at a logarithmic chart of Gold Prices – where the vertical axis marks an even distance between percentage changes rather than Dollars-per-ounce.
"The breakout above the year-long downtrend line completes the correction within the longer-term uptrend. Gold Prices point to a stronger rally to $2050-2300 and up to $3000 longer-term." Suttmeier's BAML colleague MacNeil Curry, head of foreign-exchange technical strategy, last week told CNBC that he sees Gold Prices hitting $3000 to $5000 an ounce, but "not in the next few months."..............................................Full Article: Source